Ethereum, the smart-contract platform has dropped to it’s lowest price since February 2016. The Ethereum price rose to insane heights when the potential possibilities about the smart-contract platform became known. It seems however that the ‘honeymoon’ period where Ethereum is concerned is over, and now people are trying to work out what practical applications Ethereum had.
The forked coin Ethereum Classic, which was the fork of the original Ethereum blockchain has lost most of it’s value, but the original Ethereum managed to hang on for quite some time.
In an article reported by CoinDesk, they feel that Ethereum is doomed to fail, because it is no longer ‘in the spotlight’, which has happened to many other altcoins. Ethereum one must not forget, is a unique coin in how it works and is not a simple rip off and fork of the Bitcoin code.
It is too early to say what the future of Ethereum is, the smart contract platform has plenty to offer, but the limited amount of contracts which can run due to needing CPU time on every node, rather than a certain percentage of nodes limits it, but has ultimate security. The hard fork for the DAO was a controversial move which may have contributed to the decline of the price, due to the blockchains’ immutability becoming challenged.
It is too early to do doom and gloom where Ethereum is concerned, but remember it was intended as a token, not a currency and it is recommended that never invest what one cannot afford to lose. While traders are feeling uneasy, anything could happen at this stage.
While Ethereum is dropping in price, Bitcoin appears stable and creeping upwards. It remains to be seen what will happen, but it seems like Bitcoin is becoming strong. Litecoin, the silver to Bitcoin has a lower price than Ethereum, but a stable price, which often is in line with the rise and falls in Bitcoins’.
One thing it seems though, is that forking the blockchain did harm, and it is precisely the reason why the Bitcoin miners would never approve of a fork which censors ANY* transaction, as it would undermine the immutability of the blockchain, although Bitcoin has a much larger quantity of miners and would likely never come to consensus on a fork of this magnitude, rendering the Bitcoin blockchain secure from such a fork.
We will update as soon as more information becomes available.